September 26, 2000
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates five amusement parks and four water parks, has declared a quarterly cash distribution of $0.39 per limited partner unit, payable November 15, 2000, to holders of record October 4. This distribution reflects an increase of $.06 in the annualized distribution rate to $1.56 from the $1.50 rate paid in the last two quarters. In total, the Partnership has increased its annual distribution rate by $.11, or 8%, over the past twelve months.
Commenting on the 2000 season, Richard L. Kinzel, president and chief executive officer, said, "While we have not met our overall attendance and revenue goals in 2000, we expect that consolidated operating income and cash flow will exceed last year's record levels. On that basis, the board of directors determined that the increase in the Partnership's cash distribution rate was appropriate at this time."
Kinzel also reported that the board of directors today authorized the Partnership to extend its unit repurchase program by another $25 million. In November 1999, the board originally authorized the Partnership to repurchase up to $25 million of its limited partnership units. To date more than one million units have been repurchased under the board's original authorization at an average price of under $18.25.
"At current price levels, we continue to believe Cedar Fair limited partnership units represent a very attractive investment opportunity," added Kinzel. "The extension of our repurchase program by an additional $25 million reemphasizes our confidence in the fundamental soundness of our industry and our optimism about the Partnership's long-term prospects."
In addition, the Partnership announced the promotion of Daniel R. Keller to vice president and general manager of Cedar Point starting in 2001. Keller, who has been with Cedar Fair since 1973 and has served as vice president and general manager of Worlds of Fun since its acquisition in 1995, will be assuming the duties of James L. (Don) Miears, who is retiring effective December 31, 2000. Miears, a 29-year Cedar Point veteran, has been the general manager of the park since 1993 and has served on the Partnership's board since 1994. Assuming Keller's position as vice president and general manager at Worlds of Fun will be Philip H. Bender. Bender began his career at Cedar Point in 1971 and has been the director of retail operations at Worlds of Fun since 1995.
"I am extremely pleased to announce the promotions of both Dan Keller and Phil Bender," said Kinzel. "Each has been associated with Cedar Fair for more than 25 years, and I know they have the experience and ability to lead our parks to the next level."
Cedar Fair's five amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm in Buena Park, California, near Los Angeles; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis / St. Paul; and Worlds of Fun and Oceans of Fun, located in Kansas City, Missouri. The Partnership's water parks are located in Sandusky, Ohio; Kansas City, Missouri; Chula Vista, California, near San Diego; and Knott's Soak City U.S.A., located next to Knott's Berry Farm. Cedar Fair also operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.